I am familar with the Ice And Water Sheild branded product. It is inferior to Dynamat or Peel N' Seal for single sided cabinet resonance reduction. It does not appear to have ideal mechanical impedance matching with the substrate it is being used upon(solid wood/plywood/similar). That is, the material is too viscous. Now, this material does work wonderfully as the constrained layer(damping core between two stiff plates), but different factors are at play in that type of application.
A very good cheap material is asphalt based standard roofing tiles for single sided application. However, as you can imagine, it can be a pain to install them compared a simple adhesive backed roll of material like Peel N' Seal.
Besides the issue of the fiber glass fibers blowing out the port(a potential lung and eye irritant), the fibers can also potentially end up in the driver motor gap, rubbing between the voice coil and motor, due to the large air vent on the back of subwoofer drivers.
-Chris